New home sales, prices fall for first time since 2014

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New home sales dropped nationally last month for the first time since 2014, according to new data from the Census Bureau and the Department of Housing and Urban Development.

A sharp plunge in the West pushed a national month-over-month decline of 9.2% in January. Sales in the West tumbled 32.1% from December, and were 24.1% lower than in January of 2015.

According to the report, the seasonally adjusted annual rate of new home sales in January was 494,000 units, down from 544,000 units in December and 521,000 in January of 2015. While economists had predicted a sales slowdown for the month, January’s numbers fell well below the average prediction of 520,000.

The median home price also fell in January, down 4.3% to $278,800 from last January’s median price of $292,000.

It isn’t all bad news on the home sales front, however. According to a report by the National Association of Realtors, sales of existing homes last month rose at the quickest pace since July, and price appreciation was at its greatest rate since April.